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Sangamon Sun

Thursday, April 18, 2024

Former state university employee Swan paid in $110K to pension fund, could collect $1.93M in retirement

Money 08

Former state university employee Martin Swan, who retired in January 2019, saved $110,434 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Swan would collect as much as $1.93 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Swan received $40,464 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Swan will have already received $125,070 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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